Oslo Børs VPS Holding ASA 4th Quarter 2014

Transcription

1 Oslo Børs VPS Holding ASA 4th Quarter 12 February

2 4th quarter at a glance Strong underlying growth in earnings continued in the fourth quarter Share trading volume up by 39% from the fourth quarter of Continuing interest in admission of both shares and bonds to stock exchange listing Five new companies admitted to listing in the quarter, 19 in as a whole Oslo Børs has launched list for green bonds Oslo Børs set to launch North Sea Dark Pool early in the second quarter of 215 VPS has signed a contract for new core systems Continued good underlying cost control 2

3 NOK million NOK million 4th quarter at a glance Revenues up NOK 1 million to NOK 232 million from 13 - After correction for Burgundy organic growth NOK 18 million Expenses up NOK 3 million to NOK 123 million from 13 - After correction for one-offs and Burgundy in line with 13 EBITDA down NOK 2 million from 13 - After correction for one-offs and Burgundy up NOK 18 million Revenues Oslo Børs VPS EBITDA and EBITDA-margin Oslo Børs VPS 78 6% 5% 53% 54% 48% 5% 52% 47% 39% % EBITDA EBITDA margin 2% % 3 Oslo Clearing is presented as discontinued operation. Revenues and EBITDA 13 to 14 are restated.

4 NOK million NOK 1 Oslo Børs Revenues down 3% or NOK 3 million to NOK 12 million from 13 - Up 13% or NOK 14 million adjusted for Burgundy EBITDA down 7% or NOK 5 million to NOK 64 million from 13 - Up 21% or NOK 11 million adjusted for Burgundy and oneoffs Increased activity in both first and second hand markets Revenues Oslo Børs Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other EBITDA and EBITDA-margin Oslo Børs 8% 66% 59% % 64 55% 56% 58% 6% % 53% 54 37% 4% 37 2% EBITDA EBITDA margin %

5 Number No. of issuers NOK 1 Oslo Børs primary market Steady increase in number of listed bonds and certificates Fixed fees from issuers up 15% from 13 Fixed fees driven by number of issuers and market capitalisation January 1 Market cap. issuers up 2% from Market cap. issuers 215 down 1% from Revenues primary market 212 Fixed fees- issuers Prospectus and admission fees 2 Number and market value of listed bonds and certificates Number Value (NOK bill) Number of and market capitalisation of issuers of equity No. of issuers Market cap (NOK bill) 1 5 5

6 NOK million Oslo Børs primary market Prospectus and admission fees up NOK 1 million to NOK 15 million in 14 Revenues driven by number and size of IPOs and issues Five new listings in 14 Continued interest for listing of both equities and fixed income New listings No. of listings Issues of equity Issues (NOK mill) 6

7 Value NOK 1 Oslo Børs secondary market Revenues from trading on Oslo Børs and Fish Pool up NOK 7 million from 13 Value of turnover on Oslo Børs up 3% from 13 Revenues from Burgundy NOK 17 million in 13 Derivatives revenues driven by activity level and composition of derivatives trading 7 - No of contracts on Oslo Børs down 4% from 13 - Volume on Fish Pool down 23% from 13 - Revenues in line with Revenues secondary market 212 Equities trading Derivatives trading Fixed Income trading Equities - value of turnover and number of transactions Value (NOK bill) Trans (1) 1 5

8 NOK 1 Oslo Børs market data Revenues up NOK 4 million or 12% from 13 Revenues primarily driven by number of professional end users of data from Oslo Børs Revenues market data Professional users estimated up 8% from Market data - number of end-users

9 Key market activities Market activities to attract issuers - Domestic and international - Equities and fixed income - MIFID II opportunity for new products and services Common marketing activities with Fish Pool - Listings on Oslo Børs - Trading on Fish Pool Nordic ABM - Nordic bond offering for high yield bonds Continuous improvement of microstructure - Marketplace rules, pricing structure, technology, networks and products Introducing new functionality in the North Sea Dark Book in 215 Efficient post trade - Choice of Oslo Clearing and LCH.Clearnet as clearing provider 9

10 NOK million NOK 1 VPS Revenues up NOK 4 million or 4% to NOK 111 million from 13 EBITDA up NOK 3 million or 7% to NOK 46 million from 13 Modernisation of core IT-system - Entered agreement with Percival - Project organisation mobilised Revenues VPS Investor products Issuer products Settlement products Fund products Other revenues 8 EBITDA and EBITDA-margin VPS 8% % 6% % 62 54% 48% 43% 54 47% 49% 48 41% 49 41% % 2% % EBITDA EBITDA margin 1

11 NOK million NOK 1 VPS investor products Revenues down NOK 1 million to NOK 27 million from 13 Revenues primarily driven by number of VPS accounts and market value of holdings January 1 - Reduction in number of accounts - Holdings in level with end of Revenues investor products Number of investor accounts and market value of holdings Income-earning accounts (1) Holdings (NOK bill) 11 Please note change from gross number of investor accounts to number of investor accounts that directly affect the revenues of Investor products

12 NOK 1 VPS issuer products Revenues in line with 13 Revenues driven by number and composition of issuers and level and composition of corporate activity - AGM-season in Additional revenue from value added products - AGM-services - Bond holders meeting - Stock purchase programs - Nominee-ID Revenues issuer products Number of companies and bond issues registered Companies Bond issues 12

13 NOK 1 VPS settlement products Revenues up 15% to NOK 28 million in 14 Revenues driven by number of participants and number of settlement transactions Revenues settlement products Number of trade transactions processed in VPS (1)

14 NOK 1 VPS fund products Revenues in 14 up NOK 1 million from 13 Evolution up NOK 2 million Revenues in VPS primarily driven by assets under management and number of transactions Nordic Fund Managers and distributors still attractive customers for VPS However, strong competition from international providers and internal IT in targeted 14 markets Revenues fund products Asset under management and number of transactions AUM (NOK bill) Transactions (1) 5

15 Oslo Market Solutions Revenues down NOK 1.3 million from 13 EBITDA down NOK 1.2 million from 13 Revenues and EBITDA in in line with Revenues and EBITDA Oslo Market Solutions Revenues EBITDA 15

16 European regulation implications MiFID II and MiFIR - More level playing field and increased transparency expected into force January 217 CSD-Regulation - Published in Official Journal in September - CSDs must comply with regulation and apply for authorisation in Increased competition cross-border 16

17 Summary Increased activity in the capital markets Continued intense competition and pressure on market share Continuous focus on operating costs Continuous assessment of new products and new positions in order to adapt to challenging competitive environment Focus forward - Attract new listings/registrations and members - Increased sale to existing customers, e.g. Cairo in Norway - Strengthen competitive position in secondary market - Successful execution of projects - modernisation of VPS IT 17

18 Appendix

19 P&L 4th Quarter 4th Quarter Change Change in % in % Restated Restated Operating revenues % % Operating expenses Capitalisation of internal resources Salary and other personnel expenses Other operating expenses Depreciations and write-downs Amortisations Operating expenses before capitalisation of internal resources, depreciations and amortisations % % Total operating expenses % % EBITDA % % Operating profit (EBIT) % % Net financial items Ordinary pre-tax profit Tax Earnings for the period - continued operations % % Earnings for the period - discontinued operations % % 12 7 Earnings for the period % % Actuarial gains/losses defined benefit pension plans Tax-effect Total comprehensive income % % Earnings per share (NOK) - continued operations 1,47 1,25 17 % 5,86 4,7 25 % 4,7 Diluted earnings per share (NOK) - continued operations 1,47 1,25 17 % 5,86 4,7 25 % 4,7 Earnings per share (NOK) - discontinued operations,,8-1 % 1,21, %,28 Diluted earnings per share (NOK) - discontinued operations,,8-1 % 1,21, %,28 Earnings per share (NOK) before amorisations 1,83 1,68 9 % 8,5 6,35 34 % 6,35 19

20 Breakdown revenues Oslo Børs segment Revenues per area Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other Total Oslo Børs Revenues per category Fixed fees- issuers Trading fees Prospectus and admission fees Financial market data Other income Total Oslo Børs

21 Breakdown revenues VPS segment VPS Investor products Issuer products Settlement products Fund products Other revenues Total VPS

22 Balance sheet Fixed assets 31 Dec 31 Dec IT-systems Customer relations Registrations Goodwill Deferred tax assets Tangible assets Treasury bills and bonds Financial fixed assets Current assets Market value of outstanding derivatives positions Receivables Treasury bills and bonds Cash and cash equivalents Assets Equity Contributed equity Earned equity - - Non-controlling interests Total equity Liabilities Pension liabilities Deferred tax liabilities Cash collateral Market value of outstanding derivatives positions Current liabilities Equity and liabilities

23 Cash flow 4th Quarter 4th Quarter Cash flow from - operational activities investment activities investments in systems and tangible assets investments in subsidiaries investments in treasury bills and bonds received cash collateral from members financial income financing activities Cash and cash equivalents at period's start Change in cash and cash equivalents Cash and cash equivalents at period's end Cash flow per share (NOK) 1,71 3,1-18,37 6,23 Treasury bills, bonds and bank deposits Cash collateral from members Net after deduction for cash collateral from members

24 Equity 4th Quarter 4th Quarter 31 Dec 31 Dec 2 14 Equity at period's start Total comprehensive income Dividends Purchase of own shares Acturial gains/losses in the period Change in non-controlling interests Equity at period's end Equity ratio 73 % 44 % 73 % 44 % 24

25 Largest shareholders 9 February

26 Share price Oslo Børs VPS Holding ASA 26

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